In 1920, Charles Ponzi, an Italian immigrant swindler, become famous in America and Canada for his fraudulent money-making scheme, the murky venture is run by paying back the earlier investors using the money of new investors. Ponzi has promised investors 50% fake “return” within a few months for what he claimed was an investment in the international mail coupons.
His dubious scheme ran over a year before it suddenly collapsed causing huge loss to the “investors” $20 million, ($250 million as of 2020). While this crooked investment was not originally invented by him, he popularized it, as it became worldwide identified with him what is today called “Ponzi scheme”.
With no legitimate earnings from any production, Charles Ponzi requires a constant flow of new investors’ money to survive, when it becomes hard to recruit new investors, or when a large number of existing investors cash out, along with stealing some of the money , the scheme failed, and in the end collapsed.
It seems Nigeria has breeds many of its Charles Ponzis, and history is always finding a way to repeat itself in the country. Spanish Philosopher George Santayana is often quoted as having said,” Those who cannot remember the past are condemned to repeat it”. Thus, among others important point of learning history, is to shield our self from committing past mistakes of our predecessors, and to equip our self with their precious wisdom.
Not long ago, one Omotade-Sparks Amos Sewanu, is reported to be in the wanted lists of Economic and Financial Crimes Commission (EFCC) as published by THE NATION newspaper on 11th November, 2020. The Commission is looking for Omotade-Sparks the founder of INKSNATION, for allegedly defrauding his investors, claiming be doing an online digital currency called Pinkoin to the tune of Thirty Two Million Naira(N32,000,000:00).He was accused among other charges, which includes bordering on false pretence, name-dropping.
Another is Mr. Mathew O. Ezekiel whose photograph appeared on the EFCC,s web page who is also being accused of committing criminal conspiracy, money laundering and misappropriation of public funds to tune of N177 billion using a fraudulent Ponzi scheme called INSME.
It is very unfortunate, many youths today; oft for easy life that does not require hard work and effort. They are suffering from get-rich-quick syndrome. At all cost they try to cut-corners in order to move ahead in life, this is what makes them creating such kind of defrauding money-making scheme. At one time President Buhari aptly described youths as “lazy”.
They failed to know, only through sound financial literacy from books and experts they would learn to achieve financial prosperity. Youths must realize that, INSME, INKSNATION or any other CHAIN MARKETTING of which is completely banned in many countries will not make them rich overnight. They would only become rich by the time they recognize people problems and solve it or any gap in the market they can identify and fill.
There is great lesson to be learnt from American and Chinese youths. American youths are naturally innovative and inventive, American youths are equipped with knowledge of technological inventions and entrepreneurial skills. They start any vocational career from the early stage of life. It is estimated that 80% of American economy is run by courageous young men and women who persistently solve people needs along with creating and filling a market gap.
Although they are far from the center of European of modern civilization, but Chinese youths chanting “Great leap forward “ of Cultural Revolution, today, they pushed their country to become the second most powerful country on earth. And armed with their perfect imitative skills and hard work they compete globally in any sphere of human endeavour. They earn their respect worldwide and they are feared and revered even by America and Europe.
Because they realize that suffering and pain is not a curse as it shapes problems-solving ability as they say, “constraints inspire creativity”. Some Chinese and American parent even became pragmatics, as far as their child reached the age of maturity they kick them out of their home, for him to test hard nose of life, in order to learn from practical experiences.
They say,” Money is an idea”. Both Chinese and American youths learnt to monetize their idea to attain legitimate financial gains. They constantly modify their attitude and upgrade their skills to meet the emerging demands. They put their knowledge and imaginative skills into practical use to achieve their financial freedom.
With their can-do spirit they believed and become millionaire by creating a legitimate business venture not defrauding citizens with their hard earn saving. They refuse to be holders of certificate that certify nothing, they take every calculated risk, and they read widely, they didn’t believe that sport betting company will make them rich and famous.
They turn themselves from consumer to producer through leveraging technology, ICT and many other digital opportunities. They are achieved self-reliance by not depending on parent and guardian even for their upkeep. They are living a purposeful life, not day longing for one day a”miracle” to happen.
We are in era of Knowledge Explosions. Youths must strive to capitalize on books and ICT; there is nothing that youth cannot learn which is not stored in books and internet. They should open their mind to learn from their peers elsewhere around the world, and keep abreast with the modern way of doing things.
They should constantly learn new development by upgrading their knowledge and a skill since the world is always evolving. They must take risk in order to move forward. And with their firm resolution for self development they attained “Google PhDs”. Since society is dynamic, they observe with curiosity and find gap and opportunities that they can tap into. Many of them at the age of 30 become among richest persons in the world.
Youths are the greatest capitals of any society. They serve as two edge-swords a recipe for disaster or potential for development, therefore, youth in Nigeria should put great energy and self-will to reverse the ugly trend which day-by-day is destroying the country’s image.
For long, Nigeria’s reputation is dragged into a ditch globally for various crimes being perpetrated by some marginal elements. Country’s name is being associated with many vices among which are cyber crime and financial fraud through internet. With her rebranding mission of “Good people, Great nation” the late former, Minister Professor Dora Akunyili of blessed memory, has try to salvage the country’s image.
Adam writes from Rangaza, Ungogo local government area, Kano state via [email protected] @realadnantweet
